Elon Musk waves after speaking at a Boring Company community meeting in Bel Air, Los Angeles, California, May 17, 2018.

Elon Musk Boring Company wins bid for express train to Chicago airport

Elon Musk’s The Boring Company has received the bid to construct a high-speed express train to Chicago’s O’Hare International Airport, the corporate advised CNBC.

London’s Heathrow airport, and an infrastructure fund backed by former basketball star Earvin “Magic” Johnson.

CNBC reached out to the mayor’s workplace and the Chicago Department of Aviation outdoors workplace hours for feedback however didn’t instantly hear again.

Last yr, Chicago Mayor Rahm Emanuel known as for proposals to design, construct, finance, function and keep an O’Hare Express working system via a public-private settlement with the town.

The goal of the challenge is to reduce down the journey time from downtown Chicago to O’Hare International Airport to not more than 20 minutes, in accordance to the mayor’s workplace.

Earlier this yr, the mayor’s workplace mentioned that The Boring Company and the consortium, O’Hare Xpress, had been shortlisted for the challenge.

Musk beforehand mentioned that his firm would construct a high-speed Loop connecting the worldwide airport to downtown Chicago. When requested to clarify what a “high-speed loop” was, and the way it was totally different from a “hyperloop,” the tech billionaire defined:

The mayor’s workplace mentioned that every automobile would carry up to 16 passengers and their baggage, and would depart from O’Hare and downtown Chicago as regularly as each 30 seconds, the Verge reported. It added that The Boring Company deliberate to cost fares cheaper than what the proposal required: that the premium service ought to price lower than present taxi and ride-share companies.

Emanuel and Boring Company officers mentioned it is too early to provide a timeline for the challenge’s completion or its estimated price, the Chicago Tribune reported, including the fee can be born by Musk’s firm. Negotiations between metropolis officers and The Boring Company would start to attain a remaining deal, the Tribune mentioned.

Still, The Boring Company has estimated the challenge would price lower than $1 billion, the newspaper mentioned, citing a supply accustomed to the agency’s proposal.

Company officers didn’t instantly reply to CNBC’s request for clarification on the challenge’s price.

The Boring Company started as Musk’s idea to construct a sequence of tunnels in Los Angeles to journey underground and let passengers keep away from site visitors.

The agency raised cash by promoting firm merchandise together with hats and flamethrowers. In March, Musk tweeted about a new iteration of merchandise: “LEGO-like interlocking” hole bricks from the rock beneath Los Angeles, the place The Boring Company is tunneling.

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